MQ Market Updates

MQ Market Updates - 13 June 2022

MQ Trader
Publish date: Mon, 13 Jun 2022, 05:40 PM

Palm oil prices are expected to ease on seasonally high reproduction in the second half of the year (2H 2022), Kenanga Research said. The firm said Malaysia's palm oil flattish output in May was largely within expectations but exports came in much stronger than anticipated at seven percent, above the market and 15 percent above its forecast as Indonesia banned palm oil exports from April 28 till May 23. (NST)

Bursa Malaysia saw heavy outflow last week as foreign investors net sold RM436.9 million of local equities, a rate not seen since December last year. MIDF Research said in a note that the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) declined every day and fell by 2.85 percent last week to close at a six-month low of 1,493.95 points last Friday. (NST)

Merger and acquisition (M&A) of Genting Bhd's 20.3 percent-owned research and development (R&D) associate TauRx Pharmaceuticals Ltd could allow for faster monetization versus initial public offering (IPO), RHB Research said. The firm said while Genting did not comment on its strategy with regards to its TauRx stake, any option of value realization or monetization was definitely a positive after having invested in the firm since November 2012. (NST)

A new product pipeline, ethical sales to the public and private sectors as well as rising general practitioners and consumer healthcare (CHC) products are expected to support Pharmaniaga Bhd's manufacturing revenue. CGS-CIMB Research said to capitalize on the increasing demand for CHC, Pharmaniaga planned to launch 20 products this year. (NST)

Sunzen Biotech Bhd will manufacture healthcare and beauty products for Xmegami, a micro-business platform, at its manufacturing facility in Selangor this year. Ecolite Biotech Manufacturing Sdn Bhd, the group's health and wellness subsidiary, has formed a 49:51 joint venture with Xmegami to establish Xmegami Manufacturing Sdn Bhd (XMSB). (NST)

As Health Minister Khairy Jamaluddin appears determined to introduce the Tobacco and Smoking Control Act, the current administration is unlikely to assist tobacco companies such as British American Tobacco (Malaysia) Bhd (BAT). CGS-CIMB Research said the Finance Ministry has also not indicated it is considering stakeholders' grouses against the RM1.20 per milliliter (ml) excise duty for vape liquid and gels. (NST)

Hektar Asset Management Sdn Bhd, the manager of Hektar Real Estate Investment Trust (Hektar REIT), has appointed Johari Shukri Jamil as its chief executive officer (CEO) effective June 11. Johari, 50, will succeed Datuk Hisham Othman, who has reached mandatory retirement age after helming Hektar Asset Management as CEO since May 2016. (NST)

All telcos within RHB Research's coverage, including an infrastructure services company, delivered in-line core earnings for the March reporting quarter except for mild earnings from Digi.Com Bhd. The firm said aggregate sector earnings improved by 2.8 percent year-on-year (YoY) in the first quarter ended March 31, 2022 (Q1 FY22), with fixed-line earnings outdoing its mobile peers again, at +5.3 percent versus +1.5 per cent. (NST)

Source: New Straits Times, The Edge Markets 13 Jun 2022

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